Shopify Q3 2025 financial results show strong growth and efficiency

Shopify has reported impressive third-quarter results for 2025, showcasing powerful growth and operational efficiency across the board. The company achieved 32% revenue growth and maintained an 18% free cash flow margin, marking nine consecutive quarters of double-digit free cash flow performance.

President Harley Finkelstein emphasized the momentum driving Shopify’s business model: “We build. We ship. We grow. That’s the model, and it’s running at full speed.” From new entrepreneurs making their first sale every 26 seconds to global brands like Estée Lauder, Shopify continues to fuel commerce across all levels. This quarter’s numbers underline that success, with GMV up 32%, revenue up 32%, and sustained strong margins heading into retail’s busiest season.

Chief Financial Officer Jeff Hoffmeister highlighted Shopify’s consistent execution: “Our third quarter results show what’s possible when merchant ambition and success meet Shopify’s disciplined execution. We’re not just growing — we’re delivering consistent growth and profitability, quarter after quarter.” The Q3 results surpassed Shopify’s already strong Q2 performance, reinforcing its position as a leader in commerce infrastructure and innovation.

Shopify’s 2025 outlook: Continued growth and strong cash flow

Looking ahead, Shopify expects the positive momentum to continue through the fourth quarter of 2025. The company anticipates revenue growth in the mid-to-high-twenties on a year-over-year basis, with gross profit dollars increasing at a low-to-mid-twenties rate. Operating expenses are projected to remain efficient at 30% to 31% of revenue, while stock-based compensation is expected to total $130 million. Shopify also forecasts that free cash flow margin will be slightly above Q3 2025, underscoring its continued operational strength.

These expectations build on Shopify’s focus on sustainable profitability while empowering merchants of all sizes to thrive in an evolving retail landscape.